Country’s pellet exports suffered due to 45% tariff hike: KIOCL


The county’s pellet export market went silent after the introduction of a steep export duty hike to 45%

The county’s pellet export market went silent after the introduction of a steep export duty hike to 45%

India’s pellet export market has gone silent after the Union government imposed a 45% export duty on the export of pellets in May 2022, KIOCL Ltd., a PSU owned by the government, said on Saturday. State and operating under the supervision of the Ministry of Steel.

“The county’s pellet export market went quiet after the announcement of a steep 45% export duty hike. This has dealt a blow to the business, leading to intermittent operations of Pellet Plant and negatively impacting its performance,” said T. Saminathan, CMD of KIOCL, here on Saturday.

Addressing shareholders at the company’s AGM, he said that the PSU had taken up the matter with the Ministry of Steel to request the export duty waiver for the KIOCL, which is a business oriented unit. towards export.

In fiscal year 2021-22, the company produced 2.03 million tonnes of pellets and shipped 2.07 million tonnes. It also reported an export of 2.03 million tonnes of pellets which generated revenue of ₹2,809.5 crore.

For a sustainable future, he said the company is continuously working on various short-term and long-term expansion and diversification projects, which are in different stages of implementation.

The iron ore producer committed a CAPEX of ₹290.45 crore, the highest after the captive mine closed, in the previous financial year and for FY23 it has set an ambitious target of ₹384.63 crore, according to Mr. Saminathan.

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